Document And Entity Information
Document And Entity Information - USD ($) $ in Billions | 12 Months Ended | ||
Apr. 28, 2018 | Jun. 22, 2018 | Oct. 27, 2017 | |
Document Information [Line Items] | |||
Entity Registrant Name | National Beverage Corp. | ||
Entity Central Index Key | 69,891 | ||
Trading Symbol | fizz | ||
Current Fiscal Year End Date | --04-28 | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Common Stock, Shares Outstanding (in shares) | 46,618,240 | ||
Entity Public Float | $ 1.1 | ||
Document Type | 10-K | ||
Document Period End Date | Apr. 28, 2018 | ||
Document Fiscal Year Focus | 2,018 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Apr. 28, 2018 | Apr. 29, 2017 |
Current assets: | ||
Cash and equivalents | $ 189,864 | $ 136,372 |
Trade receivables - net | 84,360 | 71,319 |
Inventories | 60,920 | 53,355 |
Prepaid and other assets | 17,823 | 7,275 |
Total current assets | 352,967 | 268,321 |
Property, plant and equipment - net | 85,807 | 65,150 |
Goodwill | 13,145 | 13,145 |
Intangible assets | 1,615 | 1,615 |
Other assets | 5,298 | 5,752 |
Total assets | 458,832 | 353,983 |
Current liabilities: | ||
Accounts payable | 74,853 | 58,100 |
Accrued liabilities | 29,718 | 29,017 |
Income taxes payable | 99 | 89 |
Total current liabilities | 104,670 | 87,206 |
Deferred income taxes net | 14,502 | 12,087 |
Other liabilities | 8,220 | 9,072 |
Shareholders' equity: | ||
Common stock, $.01 par value - 75,000,000 shares authorized; 50,650,784 shares (2018) and 50,616,134 shares (2017) issued | 507 | 506 |
Additional paid-in capital | 36,358 | 35,638 |
Retained earnings | 307,824 | 227,928 |
Accumulated other comprehensive income (loss) | 4,601 | (604) |
Total shareholders' equity | 331,440 | 245,618 |
Total liabilities and shareholders' equity | 458,832 | 353,983 |
Series C Preferred Stock [Member] | ||
Shareholders' equity: | ||
Preferred stock, $1 par value - 1,000,000 shares authorized, Series C - 150,000 shares issued | 150 | 150 |
Treasury stock, value | (5,100) | (5,100) |
Treasury Stock, Common [Member] | ||
Shareholders' equity: | ||
Treasury stock, value | $ (12,900) | $ (12,900) |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares | Apr. 28, 2018 | Apr. 29, 2017 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 75,000,000 | 75,000,000 |
Common stock, shares issued (in shares) | 50,650,784 | 50,616,134 |
Series C Preferred Stock [Member] | ||
Preferred stock, par value (in dollars per share) | $ 1 | $ 1 |
Preferred stock, shares issued (in shares) | 150,000 | 150,000 |
Preferred stock, shares authorized (in shares) | 1,000,000 | 1,000,000 |
Treasury stock, shares (in shares) | 150,000 | 150,000 |
Treasury Stock, Common [Member] | ||
Treasury stock, shares (in shares) | 4,032,544 | 4,032,544 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Apr. 28, 2018 | Apr. 29, 2017 | Apr. 30, 2016 | |
Net sales | $ 975,734 | $ 826,918 | $ 704,785 |
Cost of sales | 584,599 | 500,841 | 463,348 |
Gross profit | 391,135 | 326,077 | 241,437 |
Selling, general and administrative expenses | 186,947 | 163,600 | 148,384 |
Interest expense | 201 | 189 | 203 |
Other (income) expense - net | (1,502) | (537) | 145 |
Income before income taxes | 205,489 | 162,825 | 92,705 |
Provision for income taxes | 55,715 | 55,780 | 31,507 |
Net income | 149,774 | 107,045 | 61,198 |
Less preferred dividends and accretion | (238) | ||
Earnings available to common shareholders | $ 149,774 | $ 107,045 | $ 60,960 |
Earnings per common share: | |||
Basic (in dollars per share) | $ 3.21 | $ 2.30 | $ 1.31 |
Diluted (in dollars per share) | $ 3.19 | $ 2.29 | $ 1.31 |
Weighted average common shares outstanding: | |||
Basic (in shares) | 46,598 | 46,564 | 46,452 |
Diluted (in shares) | 46,921 | 46,770 | 46,671 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 28, 2018 | Apr. 29, 2017 | Apr. 30, 2016 | |
Net income | $ 149,774 | $ 107,045 | $ 61,198 |
Other comprehensive income (loss), net of tax: | |||
Cash flow hedges | 5,227 | 1,110 | 783 |
Other | (22) | 93 | (66) |
Total | 5,205 | 1,203 | 717 |
Comprehensive income | $ 154,979 | $ 108,248 | $ 61,915 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands | Preferred Stock [Member]Series C Preferred Stock [Member] | Preferred Stock [Member]Series D Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Treasury Stock [Member]Series C Preferred Stock [Member] | Treasury Stock [Member]Common Treasury Stock [Member] | Total |
Beginning and end of year (in shares) at Apr. 30, 2016 | 150,000 | 50,589,000 | 150,000 | 4,033,000 | |||||
Beginning and end of year at Apr. 30, 2016 | $ 150 | $ 506 | $ 34,570 | $ 190,733 | $ (1,807) | $ (5,100) | $ (12,900) | $ 206,152 | |
Beginning of year (in shares) at May. 02, 2015 | 120,000 | 50,418,000 | |||||||
Beginning of year at May. 02, 2015 | $ 120 | $ 504 | 37,759 | 129,773 | (2,524) | ||||
Series D preferred redeemed (in shares) | (120,000) | ||||||||
Series D preferred redeemed | $ (120) | (5,791) | |||||||
Stock options exercised (in shares) | 171,000 | ||||||||
Stock options exercised | $ 2 | 846 | |||||||
Stock-based compensation | 228 | ||||||||
Stock-based tax benefits | 1,528 | ||||||||
Net income | 61,198 | 61,198 | |||||||
Common stock cash dividend | |||||||||
Preferred stock dividends & accretion | (238) | ||||||||
Cash flow hedges | 783 | 783 | |||||||
Other | (66) | (66) | |||||||
Beginning and end of year (in shares) at Apr. 29, 2017 | 150,000 | 50,616,000 | 150,000 | 4,033,000 | |||||
Beginning and end of year at Apr. 29, 2017 | $ 150 | $ 506 | 35,638 | 227,928 | (604) | $ (5,100) | $ (12,900) | 245,618 | |
Beginning of year (in shares) at Apr. 30, 2016 | 150,000 | 50,589,000 | 150,000 | 4,033,000 | |||||
Beginning of year at Apr. 30, 2016 | $ 150 | $ 506 | 34,570 | 190,733 | (1,807) | $ (5,100) | $ (12,900) | 206,152 | |
Series D preferred redeemed (in shares) | |||||||||
Series D preferred redeemed | |||||||||
Stock options exercised (in shares) | 27,000 | ||||||||
Stock options exercised | 365 | ||||||||
Stock-based compensation | 208 | ||||||||
Stock-based tax benefits | 495 | ||||||||
Net income | 107,045 | 107,045 | |||||||
Common stock cash dividend | (69,850) | ||||||||
Preferred stock dividends & accretion | |||||||||
Cash flow hedges | 1,110 | 1,110 | |||||||
Other | 93 | 93 | |||||||
Beginning and end of year (in shares) at Apr. 28, 2018 | 150,000 | 50,651,000 | 150,000 | 4,033,000 | |||||
Beginning and end of year at Apr. 28, 2018 | $ 150 | $ 507 | 36,358 | 307,824 | 4,601 | $ (5,100) | $ (12,900) | 331,440 | |
Beginning of year (in shares) at Apr. 29, 2017 | 150,000 | 50,616,000 | 150,000 | 4,033,000 | |||||
Beginning of year at Apr. 29, 2017 | $ 150 | $ 506 | 35,638 | 227,928 | (604) | $ (5,100) | $ (12,900) | $ 245,618 | |
Series D preferred redeemed (in shares) | |||||||||
Series D preferred redeemed | |||||||||
Stock options exercised (in shares) | 35,000 | 34,650 | |||||||
Stock options exercised | $ 1 | 559 | |||||||
Stock-based compensation | 161 | ||||||||
Stock-based tax benefits | |||||||||
Net income | 149,774 | $ 149,774 | |||||||
Common stock cash dividend | (69,878) | ||||||||
Preferred stock dividends & accretion | |||||||||
Cash flow hedges | 5,227 | 5,227 | |||||||
Other | $ (22) | $ (22) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 28, 2018 | Apr. 29, 2017 | Apr. 30, 2016 | |
Operating Activities: | |||
Net income | $ 149,774 | $ 107,045 | $ 61,198 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | |||
Depreciation and amortization | 13,226 | 12,834 | 12,056 |
Deferred income tax provision (benefit) | 676 | 1,358 | (1,299) |
Loss on disposal of property, net | 149 | 72 | 129 |
Stock-based compensation | 161 | 208 | 228 |
Stock-based tax benefits | 495 | 1,528 | |
Changes in assets and liabilities: | |||
Trade receivables | (13,041) | (10,273) | (1,095) |
Inventories | (7,565) | (5,433) | (4,998) |
Prepaid and other assets | (5,437) | (2,205) | (485) |
Accounts payable | 16,753 | 8,709 | 4,495 |
Accrued and other liabilities | 25 | 1,457 | 8,726 |
Net cash provided by operating activities | 154,721 | 114,267 | 80,483 |
Investing Activities: | |||
Additions to property, plant and equipment | (31,974) | (14,015) | (12,140) |
Proceeds from sale of property, plant and equipment | 63 | 28 | 116 |
Net cash used in investing activities | (31,911) | (13,987) | (12,024) |
Financing Activities: | |||
Dividends paid on common stock | (69,878) | (69,850) | |
Dividends paid on preferred stock | (186) | ||
Repayments under credit facilities, net | (10,000) | ||
Redemption of preferred stock | (6,000) | ||
Proceeds from stock options exercised | 560 | 365 | 848 |
Net cash used in financing activities | (69,318) | (69,485) | (15,338) |
Net Increase in Cash and Equivalents | 53,492 | 30,795 | 53,121 |
Cash and Equivalents - Beginning of Year | 136,372 | 105,577 | 52,456 |
Cash and Equivalents - End of Year | 189,864 | 136,372 | 105,577 |
Other Cash Flow Information: | |||
Interest paid | 101 | 202 | 116 |
Income taxes paid | $ 56,737 | $ 55,901 | $ 29,473 |
Note 1 - Significant Accounting
Note 1 - Significant Accounting Policies | 12 Months Ended |
Apr. 28, 2018 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 1. significant accounting policies Basis of Presentation The consolidated financial statements have been prepared in accordance with United States generally accepted accounting principles (“GAAP”) and rules and regulations of the Securities and Exchange Commission. The consolidated financial statements include the accounts of National Beverage Corp. and all subsidiaries. All significant intercompany transactions and accounts have been eliminated. Our fiscal year ends the Saturday closest to April 30 five six 52 Cash and Equivalents Cash and equivalents are comprised of cash and highly liquid securities (consisting primarily of short-term money-market investments) with an original maturity of three Derivative Financial Instruments We use derivative financial instruments to partially mitigate our exposure to changes in raw material costs. All derivative financial instruments are recorded at fair value in our Consolidated Balance Sheets. We do not 6. Earnings Per Common Share Basic earnings per common share is computed by dividing earnings available to common shareholders by the weighted average number of common shares outstanding during the period. Diluted earnings per common share is calculated in a similar manner, but includes the dilutive effect of stock options amounting to 323,000 2018, 206,000 2017 219,000 2016. Fair Value The estimated fair values of derivative financial instruments are calculated based on market rates to settle the instruments. These values represent the estimated amounts we would receive upon sale, taking into consideration current market prices and credit worthiness. See Note 6. Impairment of Long-Lived Assets All long-lived assets, excluding goodwill and intangible assets not may not not may Income Taxes Our effective income tax rate is based on estimates of taxes which will ultimately be payable. Deferred taxes are recorded to give recognition to temporary differences between the tax bases of assets or liabilities and their reported amounts in the financial statements. Valuation allowances are established to reduce the carrying amounts of deferred tax assets when it is deemed, more likely than not, not Insurance Programs We maintain self-insured and deductible programs for certain liability, medical and workers’ compensation exposures. Accordingly, we accrue for known claims and estimated incurred but not not April 28, 2018 April 29, 2017, $6.5 $6.9 $5.0 $5.4 Intangible Assets Intangible assets as of April 28, 2018 April 29, 2017 Inventories Inventories are stated at the lower of first first April 28, 2018 $37.6 $23.3 April 29, 2017 $35.0 $18.4 Marketing Costs We are involved in a variety of marketing programs, including cooperative advertising programs with customers, to advertise and promote our products to consumers. Marketing costs are expensed when incurred, except for prepaid advertising and production costs which are expensed when the advertising takes place. Marketing costs, which are included in selling, general and administrative expenses, totaled $49.7 2018, $44.9 2017 $38.8 2016. New Accounting Pronouncements - adopted In March 2016, No. 2016 09, 2016 09” 2016 09 April 30, 2017 $495 $1.5 twelve April 29, 2017 April 30, 2016, 2016 09 $886 twelve April 28, 2018. In November 2015, No. 2015 17, 2015 17” 2015 17 2015 17 April 30, 2017, $3.9 April 29, 2017. In February 2018, 2018 02, 2018 02” 2018 02 third January 27, 2018. not New Accounting Pronouncements – not In May 2014, No. 2014 09, 2014 09” 2014 09 August 12, 2015, 2015 14 2014 09 one April 29, 2018. not In February 2016, No. 2016 02, 2016 02” 2016 02 2016 02 April 28, 2019. In August 2017, 2017 12, 2017 12” 2017 12 April 28, 2019. Property, Plant and Equipment Property, plant and equipment are recorded at cost. Additions, replacements and betterments are capitalized, while maintenance and repairs that do not 5 30 3 15 Revenue Recognition We recognize revenue upon delivery to our customers, based on written sales terms that do not 30 may We offer various sales incentive arrangements to our customers that require customer performance or achievement of certain sales volume targets. Sales incentives are accrued over the period of benefit or expected sales volume. When the incentive is paid in advance, the aggregate incentive is recorded as a prepaid and amortized over the period of benefit. The recognition of these incentives involves the use of judgment related to performance and sales volume estimates that are made based on historical experience and other factors. Sales incentives are accounted for as a reduction of sales and actual amounts ultimately realized may not 2014 09, Revenue from Contracts with Customers April 29, 2018 no Segment Reporting We operate as a single not Shipping and Handling Costs Shipping and handling costs are reported in selling, general and administrative expenses in the accompanying consolidated statements of income. Such costs aggregated $63.3 2018, $50.0 2017 $44.6 2016. may not Stock-Based Compensation Compensation expense for stock-based compensation awards is recognized over the vesting period based on the grant-date fair value estimated using the Black-Scholes model. See Note 8. Trade Receivables We record trade receivables at net realizable value, which includes an estimated allowance for doubtful accounts. We extend credit based on an evaluation of each customer’s financial condition, generally without requiring collateral. Exposure to credit losses varies by customer principally due to the financial condition of each customer. We monitor our exposure to credit losses and maintain allowances for anticipated losses based on our experience with past due accounts, collectability and our analysis of customer data. Activity in the allowance for doubtful accounts was as follows: (In thousands) Fiscal 2018 Fiscal 2017 Fiscal 2016 Balance at beginning of year $ 468 $ 484 $ 330 Net charge to expense 34 74 232 Net charge-off (50 ) (90 ) (78 ) Balance at end of year $ 452 $ 468 $ 484 As of April 28, 2018 April 29, 2017, not 10% No one 10% three Use of Estimates The preparation of financial statements in conformity with United States generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Although these estimates are based on management’s knowledge of current events and anticipated future actions, actual results may |
Note 2 - Property, Plant and Eq
Note 2 - Property, Plant and Equipment | 12 Months Ended |
Apr. 28, 2018 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | 2. PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment as of April 28, 2018 April 29, 2017 (In thousands) 2018 2017 Land $ 9,500 $ 9,500 Buildings and improvements 56,947 51,157 Machinery and equipment 194,241 172,257 Total 260,688 232,914 Less accumulated depreciation (174,881 ) (167,764 ) Property, plant and equipment – net $ 85,807 $ 65,150 Depreciation expense was $11.1 2018, $10.7 2017 $10.1 2016. |
Note 3 - Accrued Liabilities
Note 3 - Accrued Liabilities | 12 Months Ended |
Apr. 28, 2018 | |
Notes to Financial Statements | |
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | 3. ACCRUED LIABILITIES Accrued liabilities as of April 28, 2018 April 29, 2017 (In thousands) 2018 2017 Accrued compensation $ 9,790 $ 9,967 Accrued promotions 7,011 8,403 Accrued freight 5,984 2,279 Other 6,933 8,368 Total $ 29,718 $ 29,017 |
Note 4 - Debt
Note 4 - Debt | 12 Months Ended |
Apr. 28, 2018 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 4. DEBT At April 28, 2018, $100 October 3, 2020 June 18, 2021 .9% one no April 28, 2018 April 29, 2017. April 28, 2018, $2.1 $97.9 The Credit Facilities require the subsidiary to maintain certain financial ratios, including debt to net worth and debt to EBITDA (as defined in the Credit Facilities), and contain other restrictions, none April 28, 2018, |
Note 5 - Capital Stock and Tran
Note 5 - Capital Stock and Transactions With Related Parties | 12 Months Ended |
Apr. 28, 2018 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 5. CAPITAL STOCK AND TRANSACTIONS WITH RELATED PARTIES The Company paid a special cash dividend on Common Stock of $69.9 $1.50 August 4, 2017 January 27, 2017. On January 25, 2013, 400,000 $1 $20 April 29, 2016, 120,000 $6 150,000 $1 The Company is authorized under its stock buyback program to repurchase 1.6 April 28, 2018, 502,060 1,097,940 No three The Company is a party to a management agreement with Corporate Management Advisors, Inc. (“CMA”), a corporation owned by our Chairman and Chief Executive Officer. This agreement was originated in 1991 two 1994, one no one may $4.8 11,000% no $9.8 2018, $8.3 2017 $7.0 2016. $2.4 April 28, 2018 $2.1 April 29, 2017. |
Note 6 - Derivative Financial I
Note 6 - Derivative Financial Instruments | 12 Months Ended |
Apr. 28, 2018 | |
Notes to Financial Statements | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | 6. DERIVATIVE FINANCIAL INSTRUMENTS From time to time, we enter into aluminum swap contracts to partially mitigate our exposure to changes in the cost of aluminum cans. Such financial instruments are designated and accounted for as a cash flow hedge. Accordingly, gains or losses attributable to the effective portion of the cash flow hedge are reported in Accumulated Other Comprehensive Income (Loss) (“AOCI”) and reclassified into cost of sales in the period in which the hedged transaction affects earnings. The ineffective portion of the change in fair value of our cash flow hedge was immaterial. The following summarizes the gains (losses) recognized in the Consolidated Statements of Income and AOCI relative to the cash flow hedge for Fiscal 2018, 2017 2016: (In thousands) Fiscal Fiscal Fiscal 2018 2017 2016 Recognized in AOCI- Gain (loss) before income taxes $ 9,498 $ (984 ) $ (5,743 ) Less income tax provision (benefit) 3,085 (365 ) ( 2,131 ) Net 6,413 (619 ) (3,612 ) Reclassified from AOCI to cost of sales- Gain (loss) before income taxes 2,569 (2,749 ) (6,987 ) Less income tax provision (benefit) 1,383 (1,020 ) (2,592 ) Net 1,186 (1,729 ) (4,395 ) Net change to AOCI $ 5,227 $ 1,110 $ 783 As of April 28, 2018, $37.5 no $6.2 12 1. As of April 28, 2018, $6.2 April 29, 2017, $602 $848 $476 not 2 |
Note 7 - Income Taxes
Note 7 - Income Taxes | 12 Months Ended |
Apr. 28, 2018 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 7. INCOME TAXES The provision (benefit) for income taxes consisted of the following: (In thousands) Fiscal Fiscal Fiscal 2018 2017 2016 Current $ 55,039 $ 54,422 $ 32,806 Deferred 676 1,358 (1,299 ) Total $ 55,715 $ 55,780 $ 31,507 Deferred taxes are recorded to give recognition to temporary differences between the tax bases of assets or liabilities and their reported amounts in the financial statements. Valuation allowances are established to reduce the carrying amounts of deferred tax assets when it is deemed more likely than not not April 28, 2018 April 29, 2017 (In thousands) 2018 2017 Deferred tax assets: Accrued expenses and other $ 2,900 $ 4,740 Inventory and amortizable assets 331 538 Total deferred tax assets 3,231 5,278 Deferred tax liabilities: Property 14,858 15,157 Intangibles and other 2,875 2,208 Total deferred tax liabilities 17,733 17,365 Net deferred tax liabilities $ 14,502 $ 12,087 The reconciliation of the statutory federal income tax rate to our effective tax rate is as follows: Fiscal Fiscal Fiscal 2018 2017 2016 Statutory federal income tax rate 30.4 % 35.0 % 35.0 % State income taxes, net of federal benefit 2.4 2.2 2.2 Domestic manufacturing deduction benefit (2.4 ) (3.0 ) (3.0 ) Remeasurement of deferred taxes (2.9 ) - - Other differences (.4 ) .1 (.2 ) Effective income tax rate 27.1 % 34.3 % 34.0 % As of April 28, 2018, $1.7 $191 2018. $1.4 (In thousands) Fiscal Fiscal Fiscal 2018 2017 2016 Beginning balance $ 1,743 $ 1,678 $ 1,801 Increases due to current period tax positions 204 150 145 Decreases due to lapse of statute of limitations and audit resolutions (214 ) (85 ) (268 ) Ending balance $ 1,733 $ 1,743 $ 1,678 We recognize accrued interest and penalties related to unrecognized tax benefits in income tax expense. As of April 28, 2018, $238 On December 22, 2017, 35% 21% January 1, 2018. 30.4% 2018, 35% 21% 2018 one $4.3 We file annual income tax returns in the United States and in various state and local jurisdictions. A number of years may 2015 2011. |
Note 8 - Stock-based Compensati
Note 8 - Stock-based Compensation | 12 Months Ended |
Apr. 28, 2018 | |
Notes to Financial Statements | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | 8. STOCK-BASED COMPENSATION Our stock-based compensation program is a broad-based program designed to attract and retain personnel while also aligning participant’s interests with the interests of the shareholders. The 1991 4,800,000 4,800,000 may 1,680,000 may no may five ten The Special Stock Option Plan provides for the issuance of stock options to purchase up to an aggregate of 1,800,000 may 50,000 The Key Employee Equity Partnership Program (“KEEP Program”) provides for the granting of stock options to purchase up to 240,000 50% 6,000 two 60% six We account for stock options under the fair value method of accounting using a Black-Scholes valuation model to estimate the stock option fair value at date of grant. The fair value of stock options is amortized to expense over the vesting period. Stock options granted were 500 2018, no 2017 3,500 2016. 8.0 2018 8.0 2016; 23.8% 2018 29.0% 2016; 2.4% 2018 2.1% 2016; 1.6% 2018 3.3% 2016. no 2018 2016. The following is a summary of stock option activity for Fiscal 2018: Number of Shares Price (a) Options outstanding, beginning of year 383,595 $ 11.47 Granted 500 29.61 Exercised (34,650 ) 16.15 Cancelled (4,500 ) 17.59 Options outstanding, end of year 344,945 10.84 Options exercisable, end of year 209,579 8.49 _______________________________ (a) Stock-based compensation expense was $161 2018, $208 2017 $228 2016. $140 2018, $362 2017 $652 2016. $3.0 2018, $1.5 2017 $5.2 2016. $560 2018, $365 2017 $848 2016. $886 2018, $495 2017 $1.5 2016. $44.50 2018. As of April 28, 2018, $268 3.3 April 28, 2018 4.4 $27.3 April 28, 2018 3.5 $17 We have a stock purchase plan which provides for the purchase of up to 1,536,000 two not not five April 28, 2018, no |
Note 9 - Pension Plans
Note 9 - Pension Plans | 12 Months Ended |
Apr. 28, 2018 | |
Notes to Financial Statements | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | 9. PENSION PLANS The Company contributes to certain pension plans under collective bargaining agreements and to a discretionary profit sharing plan. Annual contributions (including contributions to multi-employer plans reflected below) were $3.4 2018, $3.1 2017 $2.9 2016. The Company participates in three 2017, one not not Summarized below is certain information regarding the Company’s participation in significant multi-employer pension plans including the financial improvement plan or rehabilitation plan status (“FIP/RP Status”) and the zone status under the Pension Protection Act (“PPA”). The most recent PPA zone status available in Fiscal 2018 2017 December 31, 2016 2015, PPA Zone Status Fiscal Fiscal Surcharge Pension Fund 2018 2017 FIP/RP Status Imposed Central States, Southeast and Southwest Areas Pension Plan (EIN no. 36 6044243 Red Red Implemented Yes Western Conference of Teamsters Pension Trust Fund (EIN no. 91 6145047 Green Green Not No For the plan years ended December 31, 2016 December 31, 2015, not 5500 5% October 18, 2021 May 14, 2021, The Company’s contributions for all multi-employer pension plans for the last three (In thousands) Fiscal Fiscal Fiscal Pension Fund 2018 2017 2016 CSSS Fund $ 1,370 $ 1,262 $ 1,172 WCT Fund 619 477 485 Other multi-employer pension funds 228 201 448 Total $ 2,217 $ 1,940 $ 2,105 |
Note 10 - Commitments and Conti
Note 10 - Commitments and Contingencies | 12 Months Ended |
Apr. 28, 2018 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 10. COMMITMENTS AND CONTINGENCIES We lease buildings, machinery and equipment under various non-cancelable operating lease agreements expiring at various dates through 2029. $13.3 2018, $12.0 2017 $9.2 2016. Our minimum lease payments under non-cancelable operating leases as of April 28, 2018 (In thousands) Fiscal 2019 $ 9,182 Fiscal 2020 7,615 Fiscal 2021 5,241 Fiscal 2022 3,223 Fiscal 2023 1,656 Thereafter 1,531 Total minimum lease payments $ 28,448 We enter into various agreements with suppliers for the purchase of raw materials, the terms of which may April 28, 2018, $11.2 2022. As of April 28, 2018, $4.7 2019. From time to time, we are a party to various litigation matters and claims arising in the ordinary course of business. We do not |
Note 11 - Quarterly Financial D
Note 11 - Quarterly Financial Data (Unaudited) | 12 Months Ended |
Apr. 28, 2018 | |
Notes to Financial Statements | |
Quarterly Financial Information [Text Block] | 11. QUARTERLY FINANCIAL DATA (UNAUDITED) (In thousands, except per share amounts) First Quarter Second Quarter Third Quarter Fourth Quarter Fiscal 2018 Net sales $ 259,832 $ 244,119 $ 227,477 $ 244,306 Gross profit 104,503 96,080 91,193 99,359 Net income 38,272 33,980 41,080 36,442 Earnings per common share – basic $ .82 $ .73 $ .88 $ .78 Earnings per common share – diluted $ .82 $ .72 $ .88 $ .78 Fiscal 2017 Net sales $ 217,108 $ 203,180 $ 194,564 $ 212,066 Gross profit 85,494 78,717 75,920 85,946 Net income 28,995 24,604 24,285 29,161 Earnings per common share – basic $ .62 $ .53 $ .52 $ .63 Earnings per common share – diluted $ .62 $ .53 $ .52 $ .62 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Apr. 28, 2018 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation The consolidated financial statements have been prepared in accordance with United States generally accepted accounting principles (“GAAP”) and rules and regulations of the Securities and Exchange Commission. The consolidated financial statements include the accounts of National Beverage Corp. and all subsidiaries. All significant intercompany transactions and accounts have been eliminated. Our fiscal year ends the Saturday closest to April 30 five six 52 |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Equivalents Cash and equivalents are comprised of cash and highly liquid securities (consisting primarily of short-term money-market investments) with an original maturity of three |
Derivatives, Policy [Policy Text Block] | Derivative Financial Instruments We use derivative financial instruments to partially mitigate our exposure to changes in raw material costs. All derivative financial instruments are recorded at fair value in our Consolidated Balance Sheets. We do not 6. |
Earnings Per Share, Policy [Policy Text Block] | Earnings Per Common Share Basic earnings per common share is computed by dividing earnings available to common shareholders by the weighted average number of common shares outstanding during the period. Diluted earnings per common share is calculated in a similar manner, but includes the dilutive effect of stock options amounting to 323,000 2018, 206,000 2017 219,000 2016. |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair Value The estimated fair values of derivative financial instruments are calculated based on market rates to settle the instruments. These values represent the estimated amounts we would receive upon sale, taking into consideration current market prices and credit worthiness. See Note 6. |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | Impairment of Long-Lived Assets All long-lived assets, excluding goodwill and intangible assets not may not not may |
Income Tax, Policy [Policy Text Block] | Income Taxes Our effective income tax rate is based on estimates of taxes which will ultimately be payable. Deferred taxes are recorded to give recognition to temporary differences between the tax bases of assets or liabilities and their reported amounts in the financial statements. Valuation allowances are established to reduce the carrying amounts of deferred tax assets when it is deemed, more likely than not, not |
Liability Reserve Estimate, Policy [Policy Text Block] | Insurance Programs We maintain self-insured and deductible programs for certain liability, medical and workers’ compensation exposures. Accordingly, we accrue for known claims and estimated incurred but not not April 28, 2018 April 29, 2017, $6.5 $6.9 $5.0 $5.4 |
Goodwill and Intangible Assets, Intangible Assets, Policy [Policy Text Block] | Intangible Assets Intangible assets as of April 28, 2018 April 29, 2017 |
Inventory, Policy [Policy Text Block] | Inventories Inventories are stated at the lower of first first April 28, 2018 $37.6 $23.3 April 29, 2017 $35.0 $18.4 |
Advertising Costs, Policy [Policy Text Block] | Marketing Costs We are involved in a variety of marketing programs, including cooperative advertising programs with customers, to advertise and promote our products to consumers. Marketing costs are expensed when incurred, except for prepaid advertising and production costs which are expensed when the advertising takes place. Marketing costs, which are included in selling, general and administrative expenses, totaled $49.7 2018, $44.9 2017 $38.8 2016. |
New Accounting Pronouncements, Policy [Policy Text Block] | New Accounting Pronouncements - adopted In March 2016, No. 2016 09, 2016 09” 2016 09 April 30, 2017 $ 495 $ 1.5 twelve April 29, 2017 April 30, 2016, 2016 09 $886 twelve April 28, 2018. In November 2015, No. 2015 17, 2015 17” 2015 17 2015 17 April 30, 2017, $3.9 April 29, 2017. In February 2018, 2018 02, 2018 02” 2018 02 third January 27, 2018. not New Accounting Pronouncements – not In May 2014, No. 2014 09, 2014 09” 2014 09 August 12, 2015, 2015 14 2014 09 one April 29, 2018. not In February 2016, No. 2016 02, 2016 02” 2016 02 2016 02 April 28, 2019. In August 2017, 2017 12, 2017 12” 2017 12 April 28, 2019. |
Property, Plant and Equipment, Policy [Policy Text Block] | Property, Plant and Equipment Property, plant and equipment are recorded at cost. Additions, replacements and betterments are capitalized, while maintenance and repairs that do not 5 30 3 15 |
Revenue Recognition, Policy [Policy Text Block] | Revenue Recognition We recognize revenue upon delivery to our customers, based on written sales terms that do not 30 may We offer various sales incentive arrangements to our customers that require customer performance or achievement of certain sales volume targets. Sales incentives are accrued over the period of benefit or expected sales volume. When the incentive is paid in advance, the aggregate incentive is recorded as a prepaid and amortized over the period of benefit. The recognition of these incentives involves the use of judgment related to performance and sales volume estimates that are made based on historical experience and other factors. Sales incentives are accounted for as a reduction of sales and actual amounts ultimately realized may not 2014 09, Revenue from Contracts with Customers April 29, 2018 no |
Segment Reporting, Policy [Policy Text Block] | Segment Reporting We operate as a not |
Shipping and Handling Cost, Policy [Policy Text Block] | Shipping and Handling Costs Shipping and handling costs are reported in selling, general and administrative expenses in the accompanying consolidated statements of income. Such costs aggregated $63.3 2018, $50.0 2017 $44.6 2016. may not |
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | Stock-Based Compensation Compensation expense for stock-based compensation awards is recognized over the vesting period based on the grant-date fair value estimated using the Black-Scholes model. See Note 8. |
Receivables, Policy [Policy Text Block] | Trade Receivables We record trade receivables at net realizable value, which includes an estimated allowance for doubtful accounts. We extend credit based on an evaluation of each customer’s financial condition, generally without requiring collateral. Exposure to credit losses varies by customer principally due to the financial condition of each customer. We monitor our exposure to credit losses and maintain allowances for anticipated losses based on our experience with past due accounts, collectability and our analysis of customer data. Activity in the allowance for doubtful accounts was as follows: (In thousands) Fiscal 2018 Fiscal 2017 Fiscal 2016 Balance at beginning of year $ 468 $ 484 $ 330 Net charge to expense 34 74 232 Net charge-off (50 ) (90 ) (78 ) Balance at end of year $ 452 $ 468 $ 484 As of April 28, 2018 April 29, 2017, not 10% No one 10% three |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates The preparation of financial statements in conformity with United States generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Although these estimates are based on management’s knowledge of current events and anticipated future actions, actual results may |
Note 1 - Significant Accounti20
Note 1 - Significant Accounting Policies (Tables) | 12 Months Ended |
Apr. 28, 2018 | |
Notes Tables | |
Allowance for Credit Losses on Financing Receivables [Table Text Block] | (In thousands) Fiscal 2018 Fiscal 2017 Fiscal 2016 Balance at beginning of year $ 468 $ 484 $ 330 Net charge to expense 34 74 232 Net charge-off (50 ) (90 ) (78 ) Balance at end of year $ 452 $ 468 $ 484 |
Note 2 - Property, Plant and 21
Note 2 - Property, Plant and Equipment (Tables) | 12 Months Ended |
Apr. 28, 2018 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | (In thousands) 2018 2017 Land $ 9,500 $ 9,500 Buildings and improvements 56,947 51,157 Machinery and equipment 194,241 172,257 Total 260,688 232,914 Less accumulated depreciation (174,881 ) (167,764 ) Property, plant and equipment – net $ 85,807 $ 65,150 |
Note 3 - Accrued Liabilities (T
Note 3 - Accrued Liabilities (Tables) | 12 Months Ended |
Apr. 28, 2018 | |
Notes Tables | |
Schedule of Accrued Liabilities [Table Text Block] | (In thousands) 2018 2017 Accrued compensation $ 9,790 $ 9,967 Accrued promotions 7,011 8,403 Accrued freight 5,984 2,279 Other 6,933 8,368 Total $ 29,718 $ 29,017 |
Note 6 - Derivative Financial23
Note 6 - Derivative Financial Instruments (Tables) | 12 Months Ended |
Apr. 28, 2018 | |
Notes Tables | |
Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position, Location [Table Text Block] | (In thousands) Fiscal Fiscal Fiscal 2018 2017 2016 Recognized in AOCI- Gain (loss) before income taxes $ 9,498 $ (984 ) $ (5,743 ) Less income tax provision (benefit) 3,085 (365 ) ( 2,131 ) Net 6,413 (619 ) (3,612 ) Reclassified from AOCI to cost of sales- Gain (loss) before income taxes 2,569 (2,749 ) (6,987 ) Less income tax provision (benefit) 1,383 (1,020 ) (2,592 ) Net 1,186 (1,729 ) (4,395 ) Net change to AOCI $ 5,227 $ 1,110 $ 783 |
Note 7 - Income Taxes (Tables)
Note 7 - Income Taxes (Tables) | 12 Months Ended |
Apr. 28, 2018 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | (In thousands) Fiscal Fiscal Fiscal 2018 2017 2016 Current $ 55,039 $ 54,422 $ 32,806 Deferred 676 1,358 (1,299 ) Total $ 55,715 $ 55,780 $ 31,507 |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | (In thousands) 2018 2017 Deferred tax assets: Accrued expenses and other $ 2,900 $ 4,740 Inventory and amortizable assets 331 538 Total deferred tax assets 3,231 5,278 Deferred tax liabilities: Property 14,858 15,157 Intangibles and other 2,875 2,208 Total deferred tax liabilities 17,733 17,365 Net deferred tax liabilities $ 14,502 $ 12,087 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Fiscal Fiscal Fiscal 2018 2017 2016 Statutory federal income tax rate 30.4 % 35.0 % 35.0 % State income taxes, net of federal benefit 2.4 2.2 2.2 Domestic manufacturing deduction benefit (2.4 ) (3.0 ) (3.0 ) Remeasurement of deferred taxes (2.9 ) - - Other differences (.4 ) .1 (.2 ) Effective income tax rate 27.1 % 34.3 % 34.0 % |
Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block] | (In thousands) Fiscal Fiscal Fiscal 2018 2017 2016 Beginning balance $ 1,743 $ 1,678 $ 1,801 Increases due to current period tax positions 204 150 145 Decreases due to lapse of statute of limitations and audit resolutions (214 ) (85 ) (268 ) Ending balance $ 1,733 $ 1,743 $ 1,678 |
Note 8 - Stock-based Compensa25
Note 8 - Stock-based Compensation (Tables) | 12 Months Ended |
Apr. 28, 2018 | |
Notes Tables | |
Share-based Compensation, Stock Options, Activity [Table Text Block] | Number of Shares Price (a) Options outstanding, beginning of year 383,595 $ 11.47 Granted 500 29.61 Exercised (34,650 ) 16.15 Cancelled (4,500 ) 17.59 Options outstanding, end of year 344,945 10.84 Options exercisable, end of year 209,579 8.49 |
Note 9 - Pension Plans (Tables)
Note 9 - Pension Plans (Tables) | 12 Months Ended |
Apr. 28, 2018 | |
Notes Tables | |
Schedule of Multiemployer Plans [Table Text Block] | (In thousands) Fiscal Fiscal Fiscal Pension Fund 2018 2017 2016 CSSS Fund $ 1,370 $ 1,262 $ 1,172 WCT Fund 619 477 485 Other multi-employer pension funds 228 201 448 Total $ 2,217 $ 1,940 $ 2,105 |
Note 10 - Commitments and Con27
Note 10 - Commitments and Contingencies (Tables) | 12 Months Ended |
Apr. 28, 2018 | |
Notes Tables | |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | (In thousands) Fiscal 2019 $ 9,182 Fiscal 2020 7,615 Fiscal 2021 5,241 Fiscal 2022 3,223 Fiscal 2023 1,656 Thereafter 1,531 Total minimum lease payments $ 28,448 |
Note 11 - Quarterly Financial28
Note 11 - Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Apr. 28, 2018 | |
Notes Tables | |
Quarterly Financial Information [Table Text Block] | (In thousands, except per share amounts) First Quarter Second Quarter Third Quarter Fourth Quarter Fiscal 2018 Net sales $ 259,832 $ 244,119 $ 227,477 $ 244,306 Gross profit 104,503 96,080 91,193 99,359 Net income 38,272 33,980 41,080 36,442 Earnings per common share – basic $ .82 $ .73 $ .88 $ .78 Earnings per common share – diluted $ .82 $ .72 $ .88 $ .78 Fiscal 2017 Net sales $ 217,108 $ 203,180 $ 194,564 $ 212,066 Gross profit 85,494 78,717 75,920 85,946 Net income 28,995 24,604 24,285 29,161 Earnings per common share – basic $ .62 $ .53 $ .52 $ .63 Earnings per common share – diluted $ .62 $ .53 $ .52 $ .62 |
Note 1 - Significant Accounti29
Note 1 - Significant Accounting Policies (Details Textual) $ in Thousands | 12 Months Ended | ||
Apr. 28, 2018USD ($)shares | Apr. 29, 2017USD ($)shares | Apr. 30, 2016USD ($)shares | |
Incremental Common Shares Attributable to Dilutive Effect of Equity Unit Purchase Agreements | shares | 323,000 | 206,000 | 219,000 |
Self Insurance Reserve, Noncurrent, Covered by Insurance | $ 5,000 | $ 5,400 | |
Inventory, Finished Goods, Gross, Total | 37,600 | 35,000 | |
Inventory, Raw Materials, Gross, Total | 23,300 | 18,400 | |
Marketing Expense | 49,700 | 44,900 | $ 38,800 |
Income Tax Expense (Benefit), Total | $ 55,715 | 55,780 | 31,507 |
Number of Operating Segments | 1 | ||
Shipping and Handling Costs | $ 63,300 | 50,000 | $ 44,600 |
Building and Building Improvements [Member] | Minimum [Member] | |||
Property, Plant and Equipment, Useful Life | 5 years | ||
Building and Building Improvements [Member] | Maximum [Member] | |||
Property, Plant and Equipment, Useful Life | 30 years | ||
Machinery and Equipment [Member] | Minimum [Member] | |||
Property, Plant and Equipment, Useful Life | 3 years | ||
Machinery and Equipment [Member] | Maximum [Member] | |||
Property, Plant and Equipment, Useful Life | 15 years | ||
April 29, 2017 [Member] | Reclassification from Current Deferred Taxes to Noncurrent Deferred Taxes [Member] | |||
Prior Period Reclassification Adjustment | $ 3,900 | ||
Reclassification of Excess Tax Benefits from Financing to Operating Activities [Member] | April 29, 2017 [Member] | |||
Prior Period Reclassification Adjustment | 495 | ||
Reclassification of Excess Tax Benefits from Financing to Operating Activities [Member] | April 30, 2016 [Member] | |||
Prior Period Reclassification Adjustment | (1,500) | ||
Accounting Standards Update 2016-09 [Member] | |||
Income Tax Expense (Benefit), Total | (886) | ||
Other Noncurrent Liabilities [Member] | |||
Self Insurance Reserve and Coverage by Insurance, Noncurrent | $ 6,500 | $ 6,900 |
Note 1 - Significant Accounti30
Note 1 - Significant Accounting Policies - Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 28, 2018 | Apr. 29, 2017 | Apr. 30, 2016 | |
Balance at beginning of year | $ 468 | $ 484 | $ 330 |
Net charge to expense | 34 | 74 | 232 |
Net charge-off | (50) | (90) | (78) |
Balance at end of year | $ 452 | $ 468 | $ 484 |
Note 2 - Property, Plant and 31
Note 2 - Property, Plant and Equipment (Details Textual) - USD ($) $ in Millions | 12 Months Ended | ||
Apr. 28, 2018 | Apr. 29, 2017 | Apr. 30, 2016 | |
Depreciation, Total | $ 11.1 | $ 10.7 | $ 10.1 |
Note 2 - Property, Plant and 32
Note 2 - Property, Plant and Equipment - Summary of Property, Plant and Equipment (Details) - USD ($) $ in Thousands | Apr. 28, 2018 | Apr. 29, 2017 |
Land | $ 9,500 | $ 9,500 |
Buildings and improvements | 56,947 | 51,157 |
Machinery and equipment | 194,241 | 172,257 |
Total | 260,688 | 232,914 |
Less accumulated depreciation | (174,881) | (167,764) |
Property, plant and equipment – net | $ 85,807 | $ 65,150 |
Note 3 - Accrued Liabilities -
Note 3 - Accrued Liabilities - Summary of Accrued Liabilities (Details) - USD ($) $ in Thousands | Apr. 28, 2018 | Apr. 29, 2017 |
Accrued compensation | $ 9,790 | $ 9,967 |
Accrued promotions | 7,011 | 8,403 |
Accrued freight | 5,984 | 2,279 |
Other | 6,933 | 8,368 |
Total | $ 29,718 | $ 29,017 |
Note 4 - Debt (Details Textual)
Note 4 - Debt (Details Textual) - Revolving Credit Facility [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Apr. 28, 2018 | Apr. 29, 2017 | |
Line of Credit Facility, Maximum Borrowing Capacity | $ 100,000 | |
Long-term Line of Credit, Total | 0 | $ 0 |
Letters of Credit Outstanding, Amount | 2,100 | |
Line of Credit Facility, Remaining Borrowing Capacity | $ 97,900 | |
London Interbank Offered Rate (LIBOR) [Member] | ||
Debt Instrument, Basis Spread on Variable Rate | 0.90% |
Note 5 - Capital Stock and Tr35
Note 5 - Capital Stock and Transactions With Related Parties (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | Aug. 04, 2017 | Jan. 27, 2017 | Apr. 29, 2016 | Jan. 25, 2013 | Apr. 28, 2018 | Apr. 29, 2017 | Apr. 30, 2016 | Apr. 28, 2018 |
Payments of Ordinary Dividends, Common Stock | $ 69,900 | $ 69,900 | $ 69,878 | $ 69,850 | ||||
Common Stock, Dividends, Per Share, Cash Paid | $ 1.50 | $ 1.50 | ||||||
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | 1,600,000 | |||||||
Stock Repurchased During Period, Shares | 502,060 | |||||||
Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased | 1,097,940 | 1,097,940 | ||||||
Increase (Decrease) in Shareholder Value | $ 4,800,000 | |||||||
Percentage Increase (Decrease) of Shareholder Value | 11000.00% | |||||||
CMA [Member] | ||||||||
Related Party Transaction, Amounts of Transaction | $ 9,800 | 8,300 | $ 7,000 | |||||
Accounts Payable, Total | 2,400 | $ 2,100 | $ 2,400 | |||||
Series D Preferred Stock [Member] | ||||||||
Stock Issued During Period, Shares, New Issues | 400,000 | |||||||
Preferred Stock, Par or Stated Value Per Share | $ 1 | |||||||
Stock Issued During Period, Value, New Issues | $ 20,000 | |||||||
Stock Redeemed or Called During Period, Shares | 120,000 | |||||||
Payments for Repurchase of Redeemable Preferred Stock | $ 6,000 | |||||||
Dividends Payable, Current | $ 0 | $ 0 | ||||||
Series C Preferred Stock [Member] | ||||||||
Preferred Stock, Par or Stated Value Per Share | $ 1 | $ 1 | $ 1 | |||||
Preferred Stock, Shares Issued, Total | 150,000 | 150,000 | 150,000 |
Note 6 - Derivative Financial36
Note 6 - Derivative Financial Instruments (Details Textual) - USD ($) $ in Thousands | Apr. 28, 2018 | Apr. 29, 2017 |
Derivative, Notional Amount | $ 37,500 | |
Price Risk Cash Flow Hedge Unrealized Gain (Loss) to be Reclassified During Next 12 Months | 6,200 | |
Derivative Asset, Current | $ 6,200 | |
Prepaid Expenses and Other Current Assets [Member] | ||
Derivative Asset, Current | $ 602 | |
Accrued Liabilities1 [Member] | ||
Derivative Liability, Current | 848 | |
Other Liabilities [Member] | ||
Derivative Liability, Noncurrent | $ 476 |
Note 6 - Derivative Financial37
Note 6 - Derivative Financial Instruments - Derivatives Instruments, Statements of Financial Performance and Financial Position (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 28, 2018 | Apr. 29, 2017 | Apr. 30, 2016 | |
Recognized in AOCI- | |||
Gain (loss) before income taxes | $ 9,498 | $ (984) | $ (5,743) |
Less income tax provision (benefit) | 3,085 | (365) | (2,131) |
Net | 6,413 | (619) | (3,612) |
Reclassified from AOCI to cost of sales- | |||
Gain (loss) before income taxes | 2,569 | (2,749) | (6,987) |
Less income tax provision (benefit) | 1,383 | (1,020) | (2,592) |
Net | 1,186 | (1,729) | (4,395) |
Net change to AOCI | $ 5,227 | $ 1,110 | $ 783 |
Note 7 - Income Taxes (Details
Note 7 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||||
Apr. 27, 2019 | Apr. 28, 2018 | Apr. 29, 2017 | Apr. 30, 2016 | May 02, 2015 | |
Unrecognized Tax Benefits, Ending Balance | $ 1,733 | $ 1,743 | $ 1,678 | $ 1,801 | |
Unrecognized Tax Benefits, Decrease Resulting from Current Period Tax Positions | 191 | ||||
Changes in IncomeTax if All Uncertain Tax Positions Prevail | 1,400 | ||||
Unrecognized Tax Benefits, Interest on Income Taxes Accrued | $ 238 | ||||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 30.40% | 35.00% | 35.00% | ||
Income Tax Expense (Benefit), Continuing Operations, Adjustment of Deferred Tax (Asset) Liability | $ (4,300) | ||||
Scenario, Forecast [Member] | |||||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% |
Note 7 - Income Taxes - Compone
Note 7 - Income Taxes - Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 28, 2018 | Apr. 29, 2017 | Apr. 30, 2016 | |
Current | $ 55,039 | $ 54,422 | $ 32,806 |
Deferred income tax provision (benefit) | 676 | 1,358 | (1,299) |
Total | $ 55,715 | $ 55,780 | $ 31,507 |
Note 7 - Income Taxes - Deferre
Note 7 - Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Apr. 28, 2018 | Apr. 29, 2017 |
Deferred tax assets: | ||
Accrued expenses and other | $ 2,900 | $ 4,740 |
Inventory and amortizable assets | 331 | 538 |
Total deferred tax assets | 3,231 | 5,278 |
Deferred tax liabilities: | ||
Property | 14,858 | 15,157 |
Intangibles and other | 2,875 | 2,208 |
Total deferred tax liabilities | 17,733 | 17,365 |
Net deferred tax liabilities | $ 14,502 | $ 12,087 |
Note 7 - Income Taxes - Reconci
Note 7 - Income Taxes - Reconciliation of Income Tax Rate (Details) | 12 Months Ended | ||
Apr. 28, 2018 | Apr. 29, 2017 | Apr. 30, 2016 | |
Statutory federal income tax rate | 30.40% | 35.00% | 35.00% |
State income taxes, net of federal benefit | 2.40% | 2.20% | 2.20% |
Domestic manufacturing deduction benefit | (2.40%) | (3.00%) | (3.00%) |
Remeasurement of deferred taxes | (2.90%) | ||
Other differences | (0.40%) | 0.10% | (0.20%) |
Effective income tax rate | 27.10% | 34.30% | 34.00% |
Note 7 - Income Taxes - Unrecog
Note 7 - Income Taxes - Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 28, 2018 | Apr. 29, 2017 | Apr. 30, 2016 | |
Beginning balance | $ 1,743 | $ 1,678 | $ 1,801 |
Increases due to current period tax positions | 204 | 150 | 145 |
Decreases due to lapse of statute of limitations and audit resolutions | (214) | (85) | (268) |
Ending balance | $ 1,733 | $ 1,743 | $ 1,678 |
Note 8 - Stock-based Compensa43
Note 8 - Stock-based Compensation (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Apr. 28, 2018 | Apr. 29, 2017 | Apr. 30, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 500 | 0 | 3,500 |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 8 years | 8 years | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 23.80% | 29.00% | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 2.40% | 2.10% | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 1.60% | 3.30% | |
Allocated Share-based Compensation Expense, Total | $ 161 | $ 208 | $ 228 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value | 140 | 362 | 652 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | 3,000 | 1,500 | 5,200 |
Proceeds from Stock Options Exercised | 560 | 365 | 848 |
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense | $ 886 | $ 495 | $ 1,500 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 44.50 | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Total | $ 268 | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 3 years 109 days | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 4 years 146 days | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Aggregate Intrinsic Value | $ 27,300 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 3 years 182 days | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Aggregate Intrinsic Value | $ 17,000 | ||
Employee Stock Ownership Plan (ESOP), Shares in ESOP, Total | 1,536,000 | ||
Employee Stock Purchase Plan, Eligibility Requirement, Length of Employment | 2 years | ||
Stock Issued During Period, Shares, Employee Stock Purchase Plans | 0 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Forfeiture Rate, Maximum | 0.00% | 0.00% | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Forfeiture Rate, Minimum | 0.00% | 0.00% | |
Omnibus Plan [Member] | |||
Share Based Compensation Arrangement by Share Based Payment Award Number of Shares Authorized Per Individual | 1,680,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 5 years | ||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | ||
Omnibus Plan [Member] | Stock Options or Stock Awards [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 4,800,000 | ||
Omnibus Plan [Member] | SARS Dividend Equivalents and Other Awards [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 4,800,000 | ||
Special Stock Option Plan [Member] | Determined by Board of Directors [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 1,800,000 | ||
Other Plan Member | Determined By Chairman Member | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 50,000 | ||
KEEP Program [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 240,000 | ||
Share Based Compensation Arrangement by Share Based Payment Award Number of Shares Authorized Per Individual | 6,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 6 years | ||
Share Based Compensation Arrangement by Share Based Payment Award Percentage of Purchased Shares Matched | 50.00% | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants, Period | 2 years | ||
Share-based Compensation Arrangement by Share-based Payment Award, Purchase Price of Common Stock, Percent | 60.00% |
Note 8 - Stock-based Compensa44
Note 8 - Stock-based Compensation - Summary of Stock Option Activity (Details) - $ / shares | 12 Months Ended | |||
Apr. 28, 2018 | Apr. 29, 2017 | Apr. 30, 2016 | ||
Options outstanding, beginning of year (in shares) | 383,595 | |||
Options outstanding, beginning of year (in dollars per share) | [1] | $ 11.47 | ||
Granted (in shares) | 500 | 0 | 3,500 | |
Granted (in dollars per share) | [1] | $ 29.61 | ||
Exercised (in shares) | (34,650) | |||
Exercised (in dollars per share) | [1] | $ 16.15 | ||
Cancelled (in shares) | (4,500) | |||
Cancelled (in dollars per share) | [1] | $ 17.59 | ||
Options outstanding, end of year (in shares) | 344,945 | 383,595 | ||
Options outstanding, end of year (in dollars per share) | [1] | $ 10.84 | $ 11.47 | |
Options exercisable, end of year (in shares) | 209,579 | |||
Options exercisable, end of year (in dollars per share) | [1] | $ 8.49 | ||
[1] | Weighted average exercise price. |
Note 9 - Pension Plans (Details
Note 9 - Pension Plans (Details Textual) - USD ($) $ in Millions | 12 Months Ended | ||
Apr. 28, 2018 | Apr. 29, 2017 | Apr. 30, 2016 | |
Payment for Pension Benefits | $ 3.4 | $ 3.1 | $ 2.9 |
Note 9 - Pension Plans - Contri
Note 9 - Pension Plans - Contributions for All Multi-employer Pension Plans (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 28, 2018 | Apr. 29, 2017 | Apr. 30, 2016 | |
Fund | $ 2,217 | $ 1,940 | $ 2,105 |
CSSS Fund [Member] | |||
Fund | 1,370 | 1,262 | 1,172 |
WCT Fund [Member] | |||
Fund | 619 | 477 | 485 |
Other Multi Employer Pension Funds [Member] | |||
Fund | $ 228 | $ 201 | $ 448 |
Note 10 - Commitments and Con47
Note 10 - Commitments and Contingencies (Details Textual) - USD ($) $ in Millions | 12 Months Ended | ||
Apr. 28, 2018 | Apr. 29, 2017 | Apr. 30, 2016 | |
Operating Leases, Rent Expense, Total | $ 13.3 | $ 12 | $ 9.2 |
Raw Material [Member] | |||
Purchase Obligation, Due in Next Twelve Months | 11.2 | ||
Commitments for Plant and Equipment [Member] | |||
Purchase Obligation, Due in Next Twelve Months | $ 4.7 |
Note 10 - Commitments and Con48
Note 10 - Commitments and Contingencies - Future Minimum Rental Payments (Details) $ in Thousands | Apr. 28, 2018USD ($) |
Fiscal 2,019 | $ 9,182 |
Fiscal 2,020 | 7,615 |
Fiscal 2,021 | 5,241 |
Fiscal 2,022 | 3,223 |
Fiscal 2,023 | 1,656 |
Thereafter | 1,531 |
Total minimum lease payments | $ 28,448 |
Note 11 - Quarterly Financial49
Note 11 - Quarterly Financial Data (Unaudited) - Summary of Quarterly Financial Data (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Apr. 28, 2018 | Jan. 27, 2018 | Oct. 28, 2017 | Jul. 29, 2017 | Apr. 29, 2017 | Jan. 28, 2017 | Oct. 29, 2016 | Jul. 30, 2016 | Apr. 28, 2018 | Apr. 29, 2017 | Apr. 30, 2016 | |
Net sales | $ 244,306 | $ 227,477 | $ 244,119 | $ 259,832 | $ 212,066 | $ 194,564 | $ 203,180 | $ 217,108 | $ 975,734 | $ 826,918 | $ 704,785 |
Gross profit | 99,359 | 91,193 | 96,080 | 104,503 | 85,946 | 75,920 | 78,717 | 85,494 | 391,135 | 326,077 | 241,437 |
Net income | $ 36,442 | $ 41,080 | $ 33,980 | $ 38,272 | $ 29,161 | $ 24,285 | $ 24,604 | $ 28,995 | $ 149,774 | $ 107,045 | $ 61,198 |
Earnings per common share – basic (in dollars per share) | $ 0.78 | $ 0.88 | $ 0.73 | $ 0.82 | $ 0.63 | $ 0.52 | $ 0.53 | $ 0.62 | $ 3.21 | $ 2.30 | $ 1.31 |
Earnings per common share – diluted (in dollars per share) | 0.78 | 0.88 | 0.72 | 0.82 | 0.62 | 0.52 | 0.53 | 0.62 | 3.19 | 2.29 | 1.31 |
Earnings per common share – basic (in dollars per share) | 0.78 | 0.88 | 0.73 | 0.82 | 0.63 | 0.52 | 0.53 | 0.62 | 3.21 | 2.30 | 1.31 |
Earnings per common share – diluted (in dollars per share) | $ 0.78 | $ 0.88 | $ 0.72 | $ 0.82 | $ 0.62 | $ 0.52 | $ 0.53 | $ 0.62 | $ 3.19 | $ 2.29 | $ 1.31 |